European debt crisis is “three in one” says Fidelity’s Greetham

Greetham, director of asset allocation at Fidelity Worldwide Investment, say the current economic siutation in Europe is less a crisis of government profligacy and has more in common with the Asia crisis in the 1990s.

The problems facing Europe are summarised by Greetham as: “A market crisis as bank and sovereign liquidity dries up; an economic crisis with the bubble years leaving the periphery uncompetitive versus Germany; a political crisis, with core countries understandably reluctant to bank roll peripheral governments.”